Pure secured terms conditions

Patelco Credit Union's filed agreement for Pure secured terms conditions discloses a 10.7% purchase APR and no annual fee. The purchase rate sits at roughly the 6th percentile of the 4,587 agreements indexed here.

What the document actually states

Pure secured terms conditions is one of the agreements Patelco Credit Union has on file with the CFPB. It is issued on the Mastercard network and the filing runs one page.

The filing is explicit about a purchase rate, a cash advance rate, a balance transfer rate, an annual fee line and a late payment maximum. A penalty rate and a foreign transaction fee are not stated.

Collateral and the deposit

Secured cards work against a deposit held by the issuer. The rate and fee figures summarised here say nothing about the size of that deposit or the terms attached to it, both of which are matters for the agreement text itself.

It is worth noting that collateral does not automatically mean a cheap rate: at 10.7%, this filing's purchase APR still sits at about the 6th percentile of the whole corpus, secured and unsecured filings alike.

How the purchase rate compares

At 10.7%, the purchase APR falls at roughly the 6th percentile of the 2,280 filings indexed here, which falls in the low band of the corpus.

This is disclosed as a variable rate. The number above is a snapshot: it tracks an index, so it changes without the agreement being amended.

What the rate means in dollars

A $1,000 balance left untouched for twelve months accrues about $113 in interest at this purchase rate.

A typical filing in this index would charge about $246 on that balance; this one is roughly $133 a year below it.

That maths assumes a static balance and nothing else — no payments, no additional purchases, no fees folded in.

The grace period

Purchases carry a 25-day grace period: pay the statement in full inside it and the purchase rate never applies.

The filing sets the minimum interest charge at zero — small balances are not rounded up to a floor.

The downside terms

On the fee side, a late payment can cost up to $15, which is around the 11th percentile here.

The fee structure

The annual fee is $0. Roughly 75% of filings here that state a fee state zero, so the absence of one is unremarkable in this market.

Cash advances carry a cash advance APR of 13.7%. The premium over purchases is 3 percentage points.

Transferred balances are priced at 10.7%; no separate transfer fee was captured from the filing.

How it sits in the issuer's own range

15 separate Patelco Credit Union filings appear in the corpus. Their disclosed purchase rates run from 16.9% to 21.9%, and this one at 10.7% is more expensive than 0 of them.

What the filing does not tell you

Absent from the captured terms: a foreign transaction fee and penalty pricing. The original document is the place to look for any of these.

It is worth being explicit about scope: these filings record terms and pricing. They say nothing about rewards programmes, cardholder benefits, promotional offers or who the issuer will approve, and this review does not speculate about any of it.

The document itself

The filed PDF is linked from this page and runs one page. It is the authority for every figure summarised above; where this page and the document disagree, the document is right.

In short

The purchase rate of 10.7% is one of the cheaper figures in this index — the central point in the agreement's favour. The absence of an annual fee means the rate is the only thing that can make this card expensive.